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New Zealand Credit Card Spending Drops In July

New Zealand's credit card spending declined in July, figures from Reserve Bank of New Zealand showed on Wednesday.

Credit card spending fell to 1.8 percent month-on-month in July, reversing a 1.5 percent increase in June. This was the first fall in four months.

Domestic billing dropped 2.0 percent monthly to NZ$3.55 billion and overseas billings fell by 2.5 percent to NZ$655 million.

On a year-on-year basis, overall credit card spending grew to 5.0 percent in July, but slower than 6.6 percent growth logged in the previous month.

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